Forex4you Technical Analysis 19 Jan 2012

EUR/USD: Technical Analysis

I remain stubbornly bearish on EUR/USD despite the counter-trend rally continuing and making new highs above 1.2900. There is strong resistance on the monthly chart and the recent range highs, and marked divergence on MACD so a resumption of the down-trend is probable, with support at 1.2780 as the next target.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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